Business
Okta Announces Third Quarter Fiscal Year 2024 Financial Results
Q3 revenue grew 21% year-over-year; subscription revenue grew 22% year-over-year Current remaining performance obligations (cRPO) grew 16% year-over-year to
About this update from Okta, Inc.
[{"type":"text","content":"\n\nQ3 revenue grew 21% year-over-year; subscription revenue grew 22% year-over-year\n\n\n\nCurrent remaining performance obligations (cRPO) grew 16% year-over-year to $1.83 billion\n\n\n\nRecord operating cash flow of $156 million and record free cash flow of $150 million\n\n\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nOkta, Inc. (Nasdaq: OKTA), the leading independent identity partner, today announced financial results for its third quarter ended October 31, 2023.\n\n\n“Our Q3 performance was highlighted by solid top-line growth, record non-GAAP operating profit, and record free cash flow,” said Todd McKinnon, Chief Executive Officer and co-founder of Okta. \"We are particularly enthusiastic about the adoption of Okta Identity Governance and the general availability of Okta Privileged Access, which uniquely positions us as the only unified modern identity platform. Over 18,800 leading organizations around the world put their trust in Okta and we are thankful for their continued partnership.\"\n\n\nThird Quarter Fiscal 2024 Financial Highlights:\n\n\n\nRevenue: Total revenue was $584 million, an increase of 21% year-over-year. Subscription revenue was $569 million, an increase of 22% year-over-year.\n\n\n\nRPO: RPO, or subscription backlog, was $3.07 billion, an increase of 8% year-over-year. cRPO, which is subscription backlog expected to be recognized over the next 12 months, was $1.83 billion, up 16% compared to the third quarter of fiscal 2023.\n\n\n\nGAAP Operating Loss: GAAP operating loss was $111 million, or (19)% of total revenue, compared to a GAAP operating loss of $207 million, or (43)% of total revenue, in the third quarter of fiscal 2023.\n\n\n\nNon-GAAP Operating Income: Non-GAAP operating income was a record $85 million, or 15% of total revenue, compared to a non-GAAP operating income of $0 million, or 0% of total revenue, in the third quarter of fiscal 2023.\n\n\n\nGAAP Net Loss: GAAP net loss was $81 million, compared to a GAAP net loss of $209 million in the third quarter of fiscal 2023. GAAP net loss per share was $0.49, compared to a GAAP net loss per share of $1.32 in the third quarter of fiscal 2023.\n\n\n\nNon-GAAP Net Income/Loss: Non-GAAP net income was $79 million, compared to a non-GAAP net loss of $0 million in the third quarter of fiscal 2023. Non-GAAP basic and diluted net income per share were $0.48 an...